Longboat Energy to raise £35m for E&P deal
Graham Stewart: launched company
Longboat Energy is raising £35 million to acquire a significant exploration drilling programme on the Norwegian Continental Shelf structured as three farm-in transactions.
The new finance will be raised via a placing and subscription for new ordinary shares in the company.
Longboat Energy was set up by Graham Stewart – now non-executive chairman – and the former management team of Faroe Petroleum to build a North Sea-focused E&P business,
The latest transactions are classified as a reverse takeover and accordingly the company’s shares have been suspended from trading on AIM as of today.
Helge Hammer, chief executive of Longboat, commented: “After Faroe was sold for c.$900 million in 2019, the management team formed Longboat to replicate that success.
“I am very pleased that Longboat is taking over where Faroe left off with a unique opportunity for shareholders to invest in a high-impact, low-risk, multi-well exploration drilling programme.
“This represents a unique opportunity which accelerates Longboat’s ambition to build a full-cycle E&P company.”